Conducting regular investigations into a company’s financial state can save time and money. While it may seem burdensome to initiate an AP audit at first, it’s well worth the effort if money has slipped through the cracks over time. Discovering problems is crucial if funds are to be recovered.
According to the Daily Camera, Jeffrey Wagner, the former distribution manager for Boulder, Colorado-based tea company Celestial Seasonings, recently pleaded not guilty to 14 embezzlement-related charges. Wagner is accused of stealing $1.8 million from the business and is scheduled to stand trial in September.
The news source reported that investigators found numerous transactions Online Pokies in Celestial Seasoning’s records between the business and a fake vendor called JDW. Wagner authorized payments to the company, which were filtered into his own accounts. Court documents claim JDW’s contact information and bank routing number matched Wagner’s personal data.
One audit firm noted that white collar crimes, such as embezzlement, often differ significantly from standard illegal activities in that the suspect is known before evidence of the misdeeds is discovered. Cases hinge on the ability of enterprises to prove that financial misconduct occurred. Performing an AP audit is one way this necessary information can be credibly revealed.